Cohen & Malad wins class-action status in Gerber Life lawsuit
The class would include more than 2 million people who paid premiums totaling more than $700 million, Cohen & Malad said in a statement.
Insurance
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Auto insurance rates keep rising
For a variety of reasons, some related to the pandemic, auto insurance premiums have risen dramatically over the past few years.
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OneAmerica to sell retirement plan business in deal worth up to $210M
Indianapolis-based OneAmerica Financial Inc.—the city’s largest private company—has agreed to sell its full-service retirement plan business to New York City-based Voya Financial Inc., the companies announced Wednesday.
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Longtime Indianapolis business leader Jerry Semler dies at 86
Semler, who spent almost a quarter-century in executive leadership at American United Life Insurance Co. and served as a board director for a multitude of central Indiana civic, business, charitable and arts organizations, died Monday.
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IBJ Podcast: Pete The Planner’s frank message on accepting your future demise
Pete Dunn and podcast host Mason King dive into some the big questions that usually come up when one finally addresses this dark elephant in the room: How much life insurance do you need, and what kind?
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Articles
Elevance shares tumble on reduced forecast, Medicaid woes
The Indianapolis-based health insurance giant said Thursday that its Medicaid enrollment tumbled 19% from 11 million people in last year’s third quarter.
Thousands of uninsured homes were in Helene’s path
On average, just a tiny fraction of households in the inland counties hit hardest by Hurricane Helene and its remnants had flood insurance, according to analysis of recent data from the National Flood Insurance Program.
Fifth Third Bank to pay $5M to settle auto insurance allegations
Consumer Financial Protection Bureau Director Rohit Chopra said the bank had been “illegally loading up auto loan bills with excessive charges,” with about 1,000 families losing their cars to repossession as a result.
Former Indianapolis-area insurance broker sentenced to prison for $4M Ponzi scheme
Former insurance broker Brian Simms perpetrated the fraud through his company, Brendanwood Financial Brokerage LLC in Carmel.
Carmel-based CNO extends title sponsorship of Indianapolis Monumental Marathon
CNO Financial first signed on as title sponsor of the Indianapolis Monumental Marathon in 2016.
CEO’s love for swimming leads OneAmerica to sponsor USA team
Scott Davison has a lifelong love of the sport. Knowing this helps explain why OneAmerica’s name and logo will be deeply imbedded in the U.S. Olympic Swimming Trials in Indianapolis.
Jury awards more than $42M to Avon man with brain injury from crash with Tesla employee
The jury returned the verdict Wednesday against Tesla Inc. and its long-time employee Kyle Kaszuba for the accident in which motorcyclist Chris Dugan was severely injured.
Suspended license? Indiana lawmakers commit to ‘fix’ BMV insurance verification notices
Hundreds of Hoosiers each year unknowingly have their licenses suspended after auto accidents—specifically for failing to respond to the Bureau of Motor Vehicles’ mailed requests for insurance verification.
Indiana among states urging feds to reconsider nursing home staffing requirements
This fall, the Biden administration unveiled a controversial proposal that would create a staffing requirement, which has faced significant pushback from the nursing home industry.
Drivers squeezed as auto insurance costs soar across U.S.
Federal rules allow insurers to consider socioeconomic factors when setting rates, leading to the worst increases being borne by the people least able to afford them.
Home insurers cut natural disasters from policies as climate risks grow
individuals and families in places once considered safe from natural catastrophes could lose crucial insurance protections while their natural disaster exposure expands or intensifies as global temperatures rise.
FDIC recommends raising insured deposit limit for businesses
U.S. businesses might be able to secure bank deposit insurance for accounts holding more than $250,000 if Congress agrees with the Federal Deposit Insurance Corp.’s new proposal.
Department of Insurance calls for grace period for storm-affected counties
The department said those individuals will receive a 60-day extension to make premium payments without risk of penalties or policy cancellation.
Trava Security sees big potential in cybersecurity insurance market
The company helps insurance carriers collect the data needed to underwrite insurance policies.
Indianapolis-area insurance broker charged in $4M Ponzi scheme
Former insurance broker Brian Simms of Lebanon was arrested Wednesday after being charged with six counts of wire fraud by a federal grand jury.
Thieves key on hack that leaves Hyundai, Kia cars vulnerable
An insurance industry group said some Hyundai and Kia cars and SUVs are stolen at nearly twice the rate of the rest of the auto industry because their keys lack computer chips for theft “immobilizer” systems.
Indianapolis-based Trava Security lands $4.5M in venture funding
This is the second major funding round for Trava, which was launched by High Alpha in 2020. The company offers cybersecurity risk management and insurance for small and medium-sized companies.
FEMA report: Flood insurance hikes will drive 1M from market
The Federal Emergency Management Agency has updated its flood insurance program to more accurately reflect risk, but also make the program more solvent.
Judge approves $1B-plus deal in deadly Florida condo collapse
The decision by Miami-Dade Circuit Judge Michael Hanzman came a day before the one-year anniversary of the Champlain Towers South disaster in the Miami suburb of Surfside. The collapse killed 98 people, one of the deadliest building failures in U.S. history.